Removing a hard inquiry

[pizzadude]

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@AndySoCal wrote:

Keep in mind with the FICO score Inquires for mortgages ,car  and student  loans  wiithin  a 30  day time frame are treated as 1 inquiry.  Secondly Inquiries overa year old are not factored in your FICO score.  Inquiry removal may or may not get you where you need to be. With mortgages the lender is using you middle score so having one score over the qualifiying mark may not get you where you want to be.   Instead of inquiry removal I would work on your credit utilzation  To use the credit card in your post  your credit utilization on that car is 81%  1450/1800.  You can total all your credit balances and credit card limits and calculate  your credit utilzation ofr all your revolving accounts. The lower the percentage the better it is in FICO score calculation. Beware tha accounts in dispute are not fully factored into the score.  When the disputed status is removed your score will change +/- depending on the results of the dipute.

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.......14 - 45 days depending on the FICO version....

[zbolton]

On my equifax, which I think has the most, outta the 24 inquiries, 23 of them occured SINCE 06/2011.  Which does suck... because I have jumped my score a decent amount of points, and my wife's has jumped about 50-60 (since we got the loan in the first place). So we are ready to start saving for our mortgage, but one of the main steps is reducing our auto loan..

[AndySoCal]

@pizzadude

Please read the following link

http://www.myfico.com/crediteducation/creditinquiries.aspx

And the answer to the question Does the formula treat all credit inquiries the same?

[pizzadude]

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@AndySoCal wrote:

@pizzadude

Please read the following link

http://www.myfico.com/crediteducation/creditinquiries.aspx

 And the answer to the question Does the formula treat all credit inquiries the same?

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Thanks for pointing that out Andy !   I obviously need to do some more reading      I have to admit that I completely missed that about Student loan inquiries....

[SwiftTone]

I'm pretty sure government loans, or atleast definately Stafford, do not hurt your credit at all because they are awardee on a needs basis. They don't even check your credit.

I also forgot private student loans follow the same rules on inquiries as mortgage and auto.

To the OP, I think getting your inquiries removed will help your score, but probably not as much as you would want. The biggest hitter on your score is your unilization and your baddies. You would see a nice healthy gain if  you pay down your balances. I've read somewhere that inquires are scored in "brackets". For example, inquires 1-3, 4-9, 10-15 etc are scored differently. You have a heck of a lot of inquiries and getting them removed will help you, but you can't expect all of them to be removed unless there's an error on the inquiry

[Anonymous]

BTW what mortgage company are you using if you dont mind me asking that only requires a FICO score of 580 for an FHA loan?

[Anonymous]

zbolton - how exactly did you get Midland deleted?